Sunday, 24 June 2012

HOME MANAGEMENT

HOME MANAGEMENT.



7 Essential Seattle Property Management Tips for Owners


Are you trying to decide whether to manage your own rental property or hire a professional Seattle property management firm? It is serious business, for sure. There are many potential hurdles to overcome in self-management. Here are a few tips to consider as you perform your due diligence.


7 Seattle Property Management Tips


1 Purchase Proper Insurance
A rental property is a big responsibility. It is important to protect yourself from potential liability in the event of tenant injuries or property damage. You don’t want to be paying out of pocket if a roof collapses or a tenant gets a shock from faulty wiring.


2 Carefully Screen Prospective Tenants
Carefully check the background of any prospective tenants. Make sure they have a solid income and good rental history. Get references and call them. This is your property, keep it safe. The wrong tenant can cause headaches beyond your wildest dreams.


3 Properly Handle Security Deposits 
The State of Washington has very specific rules regarding the handling of rental deposits. It is important that you know and follow them. You cannot use your tenant’s deposit for personal use. It must be kept in a separate account away from your personal finances.


4 Disclose potential Hazards.
You must be honest with your tenants about potential health hazards like pests, mold and water damage. Landlord’s can be held liable for tenant’s health problems resulting from these types of issues.


5 Get Everything in Writing
Make sure you have a thorough written agreement in place that clearly defines your role as a landlord, and the terms under which your tenants may live in your property. You need to make sure they know when rent is due, what late fees look like, and who to call for repairs, etc.


6 Provide Proper Notice Before Entering a Property
Learn about your tenants’ rights to privacy. Notify them whenever you plan to enter their rental unit. In Washington, landlords must give tenants 48 hours notice for routine entry, and 24 hours for showing a rental to prospective buyers or tenants.


7 Make Necessary Repairs ASAP
Don’t let routine building maintenance get away from you. A few dollars here and there will likely save you thousands down the road. Electrical systems must be kept safe and up-to-date, and a new coat of paint every few years will extend the life of your building indefinitely. Make sure you have a professional contractor or handyman available to guide you through an effective maintenance schedule.




So there you have it, our top 7 Seattle property management tips for homeowners. Of course, Dwellings will help you handle all of these issues, and more. So think twice about managing your own rental. It’s a lot more work than you might think, and you’ll likely sleep much better at night knowing you have a team of professionals handling your business for you.

1 comment:

  1. Great Post! It's very nice to read this info from someone that actually knows what they are talking about. home rental management

    ReplyDelete